Living below your means is a tough art to master, but once you do here are some rewards:
Working Less: When you are smart with your money, you don't need to work life consuming jobs just to sustain your life style. Sometimes it's more valuable to have more time to pursue hobbies than to have more money.
Retiring Early: Isn't that what it's all about? Many people dream of an early retirement but do not do anything in their present to reach this goal.
Finding a Job You Love: A lot of the time people get jobs they don't like because it provides the paycheck they need. If you learn to live frugally you will be able to look at what a job has to offer you intrinsically not how much it can offer you at the moment.
Buying that hot ticket item you've always wanted: By living frugally day to day you will have a larger savings reserve to spend money where it counts like on a new car or house and you can do so with less guilt knowing you haven't been spending too much money in other areas.